Crude oil prices have been pulled down by growing inventories and sluggish demand while being pushed up by expectations of tighter supplies and Middle East instability, keeping prices in the range of $18 to $22 a barrel. Relatively mild temperatures in the Northeast have compounded the bearish fundamentals.

At the same time, speculators remain nervous about political risk and the prospect of tighter supplies stemming from recent global production cuts.

February heating oil futures fell 1.76 cents to close at 51.45 cents a gallon, while February gasoline futures fell 2.24 cents to close at 53.61 cents a gallon.